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Use the TimeStar™ savings worksheet below to quickly quantify the exceptional return on investment your Time & Attendance automation solution from Galaxy will deliver. Please also note the calculations below represent a very conservative cost savings estimate and are calculated as raw payroll dollars only (not including fringe, tax, benefits or other associated savings). Additionally, labor cost savings are not represented for the time saved via employee and manager self-service, automated reporting, streamlined workflow and communications, etc.
| Payroll Information | |
| 1. Total number of employees in your payroll: | |
| 2. Number of annual pay periods (e.g. 52-weekly, 26-biweekly, etc.): | |
| 3. Average hourly pay rate for employees: | $ |
| Timecard
Auditing APA studies have shown that manual totaling and auditing of employee timecards takes an average of about 6-minutes per card, per pay period. Your TimeStar Solution will reduce this time to under 1-minute per card. Enter a value that fits your experience. |
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4. Minutes saved auditing each
timecard: |
|
| 5. Hourly pay rate of Payroll Clerk: | $ |
| Total hours saved per pay period: | 0.00 |
| Period savings: | $0.00 |
| Annual savings: | $0.00 |
| Human
Error Factor APA studies have shown the typical human error factor in the recording and calculation of labor time to be between 1% - 8%, depending on the process. Select an error factor that fits your experience. |
|
| 6. Select an error factor you would like to assume: | |
| 7. Average hours worked per pay period: | |
| Total period payroll: | $0.00 |
| Period savings: | $0.00 |
| Annual savings: | $0.00 |
| Lost
Time Savings Lost time consists of wages recaptured by your TimeStar Solution's rounding, restriction and exceptions management capabilities. Consider every time an employee enters an "IN" or "OUT" time based on the honor system. How many minutes are they rounding in their favor? Galaxy analysis shows that a conservative estimate averages to about 4-minutes per employee, per day. |
|
| 8. Lost productivity (minutes) per day: | |
| Average wages overpaid daily: | -$0.00 |
| Average wages overpaid weekly: | -$0.00 |
| Total weekly wages recaptured: | $0.00 |
| Annual recaptured wages: | $0.00 |
| TimeStar™ Savings Summary | |
| Monthly Savings: | $0.00 |
| TOTAL ANNUAL SAVINGS FOR YOUR ENTERPRISE: | $0.00 |
